One Bullion Reports Gravity-Finish Assay Results at Vumba Project, Including 30.8 g/t Au, and Receives EIA Approval for Maitengwe Project Gravity-Finish Re-Assay Confirms High-Grade Gold Mineralization at Vumba; Four of Five
One Bullion Reports Gravity-Finish Assay Results at Vumba Project, Including 30.8
g/t Au, and Receives EIA Approval for Maitengwe Project
Gravity-Finish Re-Assay Confirms High-Grade Gold Mineralization at Vumba; Four of Five
Previously Reported Overlimit Sample Return Greater Than 10 g/t Au
EIA Approval Received from Botswana's Department of Environmental Protection for Maitengwe
Exploration Project (PL 012/2018), Valid for Two Years
Toronto, Ontario – May 7, 2026 – One Bullion Ltd. (“One Bullion” or the “Company”) (TSXV: OBUL),
a gold exploration company holding complete ownership of three highly prospective mining areas in
Botswana, is pleased to report two portfolio advancement milestones: (i) receipt of gravity-finish re-assay
results (ALS method Au -GRA21) for five samples from the Company’s recently completed geological
mapping and sampling program at the Vumba Project, previously reported on April 27, 2026, and
(ii) receipt of Env ironmental Impact Statement (EIS) approval from Botswana’s Department of
Environmental Protection (DEP) for the Maitengwe Exploration Project (Prospecting License
PL 012/2018), valid for two (2) years from April 20, 2026.
“These updates reflect meaningful progress across our Botswana portfolio on two fronts,” said One
Bullion’s CEO, Adam Berk. “At Vumba, the gravity -finish results further support the presence of high -
grade gold mineralization , with a top result of 30.8 g/t Au and three additional samples returning above
10 g/t Au. At Maitengwe, receipt of EIA approval is an important regulatory milestone that positions us to
advance exploration activities at that project. Taken together, these announcements demonstrate that we are
systematically de -risking and advancing all three of our Botswana projects, and we look forward to
integrating these results with our upcoming geophysical survey program as we refine drill targets at Vumba
and build toward our next phase of exploration at Maitengwe.”
Highlights
• Gravity-finish (Au-GRA21) assay results received for five (5) samples previously reported as
>10 g/t Au by fire assay at the Vumba Project, as initially disclosed in the Company’s news
release dated April 27, 2026
• Top result of 30.8 g/t Au returned by sample Z4608 (Smokey Quartz Vein, Artisanal Pit)
• Four of five samples confirm high-grade gold above 10 g/t Au on gravity-finish re-assay: Z4608
(30.8 g/t), Z4632 (22.2 g/t), Z4620 (17.55 g/t), and Z4639 (11.0 g/t)
• Results span multiple artisanal workings and lithological hosts across approximately 2.5 km of
north-south strike at the Vumba License
• EIS Authorization granted by Botswana’s Department of Environmental Protection for the
Maitengwe Exploration Project (PL 012/2018) on April 20, 2026
• EIA approval valid for two (2) years, granted in accordance with Section 12(1)(a) of Botswana’s
Environmental Assessment (EA) Act (CAP.65:07)
• EIA approval advances exploration readiness at Maitengwe ahead of the Company’s planned
high-resolution airborne geophysical survey
Figure 1: Property Geology with Artisanal Workings Samples
Gravity-Finish Assay Results – Vumba Project
As reported on April 27, 2026, One Bullion completed a targeted geological mapping and sampling
program across seven identified artisanal workings within the Vumba Project, collecting a total of 39 rock
samples. Five samples initially returned results greater than 10 g/t Au by fire assay with atomic absorption
finish (Au-AA30), exceeding the reporting threshold of that method. In accordance with standard practice,
these five samples were submitted to ALS Geochemistry (Johannesburg, South Africa) for additio nal
analysis using the gravity -finish method (Au -GRA21). The Company is now reporting the quantified
gravity-finish assay results for all five samples.
Sample
ID
Easting
(mE)
Northing
(mN)
Elev.
(m) Lithology Sample Type Au FA
(g/t)*
Au GRA21
(g/t)
Z4608 535,294 7,711,735 1,162 Smokey Quartz
Vein Artisanal Pit >10 30.8
Z4620 535,751 7,712,487 1,185 Smokey Quartz
Vein
Artisanal
Stockpile >10 17.55
Z4628 535,755 7,712,608 1,206 Amphibolite
Schist
Artisanal
Dumps >10 8.48
Z4632 535,517 7,714,369 1,250 Banded Talc
Schist
Artisanal
Stockpile >10 22.2
Z4639 536,576 7,711,525 1,224 Smokey Quartz
Vein Artisanal Pit >10 11.0
Table 1: Gravity-Finish Re-Assay Results for Overlimit Samples – Vumba Project
*Au FA = fire assay with atomic absorption finish (Au -AA30, 30 g); results originally reported as overlimit
(>10 g/t Au) in the Company’s April 27, 2026 news release. Au GRA21 = fire assay with gravity finish (30 g),
reporting quantitative results up to 10,000 g/t Au. All samples are selective grab samples collected from historic
artisanal dumps, stockpiles, and pits; grab samples are selec tive by nature and are not necessarily representative of
the overall grade or tenor of mineralization on the property.
Geological Interpretation
The Company’s interpretation that gold mineralization at Vumba is structurally controlled and associated
with quartz veining hosted within the broader greenstone belt, consistent with orogenic gold systems known
to host significant gold deposits globally.
The quantified results, spanning multiple artisanal workings and lithologic hosts, including smokey quartz
veins, amphibolite schist, and banded talc schist , across approximately 2.5 km of north -south strike
reinforce the presence of an emerging high -grade mineralized corridor at the Vumba License. The spatial
distribution of high-grade values across contrasting host rock types is consistent with a mineralizing system
warranting follow-up evaluation through the Company’s planned geophysical survey and subsequent drill
program.
Figure 2: High Grade Surface Samples
EIA Approval – Maitengwe Project (PL 012/2018)
One Bullion’s wholly -owned Botswana subsidiary, Premier Gold Resources (Pty) Ltd, has received
approval of the Environmental Impact Statement (EIS) for the proposed Maitengwe Exploration Project
(PL 012/2018) from Botswana’s Department of Environmental Pro tection, Ministry of Environment and
Tourism. The Authorization (Ref: DEA/BOD/F/EXT/MNE 071 (8)) was granted on April 20, 2026, by
Phillip Sandawana, District Environmental Coordinator, in accordance with Section 12(1)(a) of the
Environmental Assessment (EA) Act (CAP.65:07), and is valid for a period of two (2) years. The EIS was
prepared by independent environmental consultants Loci Environmental (Pty) Ltd.
The Authorization is subject to standard conditions including implementation of all mitigation measures
and monitoring requirements outlined in the approved Statement, submission of bi -annual environmental
monitoring reports to the DEP, and application for renewal in writing to the DEP three (3) months prior to
the expiration of the two-year validity period. The Authorization does not constitute a license to implement
the project; the Company holds all other relevant exploration licenses and permits required under Botswana
law, including Prospecting License PL 012/2018.
Issuing Authority Department of Environmental Protection (DEP), Ministry of Environment
and Tourism, Republic of Botswana
Reference No. DEA/BOD/F/EXT/MNE 071 (8)
Date of Approval April 20, 2026
Authorization Type Environmental Impact Statement (EIS) Approval – Section 12(1)(a) of the
EA Act (CAP.65:07)
Project Maitengwe Exploration Project
Prospecting License PL 012/2018
Developer Premier Gold Resources (Pty) Ltd (wholly-owned subsidiary of One Bullion
Ltd.)
Validity Two (2) years from April 20, 2026; renewable upon application to the DEP
three months prior to expiration
Table 2: Summary of EIS Authorization – Maitengwe Exploration Project (PL 012/2018)
Next Steps
As previously announced, the Company is set to commence a high-resolution airborne geophysical survey
across the Vumba License area, conducted by Xcalibur Smart Mapping, followed by a survey of the
Maitengwe project. These surveys will deliver detailed str uctural and lithological insights to significantly
enhance target definition at depth and along strike within the broader greenstone belt. The integration of
geophysical data with the Company’s geological mapping, sampling, and assay results , including the
gravity-finish results reported herein, will continue to facilitate refinement and prioritization of drill targets
at Vumba. With EIA approval now in place at Maitengwe, the Company is also positioned to advance
exploration activities at that project in a timely manner following completion of the geophysical survey
program.
Quality Assurance / Quality Control
Rock samples were collected in the field by Company personnel and transported under chain -of-custody
protocols to ALS Laboratories, an independent certified analytical laboratory. Sample preparation and
analysis has been conducted using industry-standard procedures. Analytical testing was performed by ALS
Geochemistry (Johannesburg, South Africa); the facility is ISO/IEC 17025:2017 accredited and
ISO 9001:2015 Certified. The entire sample is crushed to 70% passing 2 mm mesh, with a 250-gram split
pulverized to 85% passing minus 75 microns. A four -acid digest is performed on 0.4 g of sample to
quantitatively dissolve most geological materials, tested using ICP -AES technique. An initial fire assay
analysis is performed on 30 grams of sample with an atomic absorption finish (Au-AA30). For samples that
returned results greater than 10 g/t Au by this method, an additional analysis was performed using ALS
method Au-GRA21, in which 30 grams of sample material is fire assayed with a gravity finish, reporting
quantitative results up to 10,000 g/t Au. All samples disclosed herein were selective grab samples collected
from historic artisanal dumps, stockpiles, and pits. Grab samples are selective by nature and are not
necessarily representative of the overall grade or tenor of mineralization on the property.
Qualified Person
The scientific and technical information contained in this news release has been reviewed and approved by
Rory Kutluoglu, P.Geo., a “Qualified Person” as defined under National Instrument 43-101 – Standards of
Disclosure for Mineral Projects, who is independent of One Bullion.
Notice of Share Issuances
In addition, the Company has issued a total of 200,000 common shares in the capital of the Company (the
"Shares") at a deemed price of $0.47 per Share (being the closing price of the Shares on May 4, 2026), to
SLD Capital Corp. ("SLD"), a consultant of the Company, in consideration for consulting, legal and
administrative services provided to the Company pursuant to the Consulting Agreement dated July 8, 2024
between SLD and the private company formerly named One Bullion Limited ("OBL PrivateCo"). In
addition, the Company has issued a total of 66,000 Shares to Park Place Limited, an entity controlled by
Sheldon Inwentash, a director of the Company, pursuant to the Consulting Agreement between Park Place
Limited and OBL PrivateCo dated June 1, 2024 (the "Consulting Issuances").
All the Shares issued in connection with the Consulting Issuances are subject to a statutory hold period of
four months plus a day ending on September 5, 2026, in accordance with applicable securities legislation
and policies of the TSX Venture Exchange.
About One Bullion
One Bullion Ltd. (TSXV: OBUL) is a Toronto-based gold exploration company focused on advancing high-
quality gold assets in Botswana, one of Africa’s most stable and mining-friendly jurisdictions. Established
in 2018, the company controls approximately 8,00 4 km² of prospective land across three greenstone belt -
hosted gold projects, including Vumba, Kraaipan, and Maitengwe. One Bullion’s strategy centers on
disciplined, data -driven exploration combining modern geological methods with advanced targeting to
identify and test high-priority gold targets while maintaining a commitment to environmental stewardship,
community engagement, and long-term value creation for stakeholders.
Forward-Looking Information
This news release includes forward-looking information within the meaning of Canadian and U.S. securities
laws. Statements containing the words “believe”, “expect”, “intend”, “should”, “seek”, “anticipate”, “will”,
“positioned”, “project”, “risk”, “plan”, “may”, “estimate”, or, in each case, their negative and words of
similar meaning, are intended to identify forward -looking information. Forward -looking information,
including but not limited to, the nature and timing of future exploration activities of the Company, the
success of the Company’s existing and future business strategies and implementation (including with
respect to potential future acquisitions, timelines for permitting and exiting of projects and potential return
on capital), any resulting growth in the Company’s operations or financial performance as a result of such
strategies and implementation, trends in the Company’s business or the mineral exploration industry, the
prospective nature of the Company’s properties, the uncertainty of mineral resource estimations and the
availability of funding are each subject to risks and uncertainties that could cause actual results or events to
differ materially from those expressed or implied by the forward -looking information, including risks
related to the regulatory and legal framework of the mineral resource industry; general business, economic
and competitive uncertainties; market risks; risks with respect to permitting; risks that the Company not be
able to develop its properties as currently proposed or at all, foreign currency risk and risks associated with
the Company’s operations in Botswana. There may be other factors and risks that cause actions, events or
results not to be as anticipated, estimated or intended. Certain statements included in this news release may
be considered “financial outlook” for the purposes of applicable securities laws, and such financial outlook
may not be appropriate for purposes other than evaluating the information in this news release. These risks,
uncertainties and assumptions could adversely affect the outcome and financial effects of the plans and
events described herein. In addition, even if the outcome and financial effects of the plans and events
described herein are consistent with the forward-looking information contained in this news release, those
results or developments may not be indicative of results or developments in subsequent periods. There can
be no assurance that the performance of the Company will be comparable to that achieved previously.
Moreover, past performance is not indicative of future results. Forward -looking information contained in
this news release is based on the beliefs and expectations of the Company’s management, which the
Company believes are reasonable as of the current date, and ar e subject to significant business, social,
economic, political, regulatory, competitive and other risks, uncertainties, contingencies and other factors.
Many assumptions are based on factors and events that are not within the control of OBUL and actual future
results may differ materially from current expectations. You should not place undue reliance on forward -
looking information. Except as required by applicable law, the Company assumes no obligation to update
or revise any forward-looking information in this news release to reflect new events or circumstances.
Cautionary Note Regarding United States Securities Laws
This News Release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there
be any sale of the securities of OBUL or any entity related thereto, in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such
jurisdiction. The securities of OBUL have not been registered under the United States Securities Act of
1933, as amended (the “U.S. Securities Act”), or any state securities laws and may not be offered or sold
within the United States or to, or for the account or benefit of, “U.S. persons,” as such term is defined in
Regulation S under the U.S. Securities Act, unless an exemption from such registration is available.
Contact Information:
Adam Berk, Chief Executive Officer
Investor Contact:
KCSA Strategic Communications
Jack Perkins or Valter Pinto
T: 212-896-1254
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS
THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.